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FRANKFURT (dpa-AFX Broker) – Sharply increased annual targets for the Shop Apotheke (Shop Apotheke Europe NV) catapulted the shares of the online pharmaceutical retailer to a new record high of EUR 147.20 on Friday, before profit taking followed. Traders had already expected this.
Towards noon it went down by 3.3 percent to 140.20 euros, which, however, gave the papers a little more relief from their early shortfall of just over seven and a half percent. Among other things, the very positive comments from Deutsche Bank and Commerzbank are likely to have supported this.
“The higher goals in terms of sales and operating profit are positive for the mood and also widen the gap to the competitor Zur Rose, who only promised sales growth of ten percent this year,” said one dealer. The shop pharmacy had profited from the Corona crisis on the previous evening, among other things, its goal for sales growth from previously at least 20 to now at least 30 percent.
However, traders saw no great surprise in this and pointed out that the SDAX company had already announced a target increase. “The shares are ripe for profit-taking,” added a Brazilian. That is now evident, because since the beginning of the year the paper has already skyrocketed by 222 percent.
Anyone who has been on the stock exchange since 2016 and paid 28 euros per share at the time can look forward to a current price increase of a whopping 400 percent.
Commerzbank analyst Andreas Riemann now recommends buying the share after the raised corporate goals. He also raised the price target from € 85 to € 178 and assumes that the switch to online orders will be sustainable and accelerate further. That deserves higher valuation multipliers. In view of the average analyst estimates, he sees an upside potential for 2020 and 2021 of around five percent for sales and at least 30 percent for results.
Deutsche Bank analyst Uwe Schupp has now even raised its price target to EUR 200 and confirmed its buy recommendation. Despite the already very high price increase since the beginning of the year, he also sees further upside potential for the share. Above all, the introduction of the electronic recipe offers ever clearer opportunities./ck/ajx/fba
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